Refine, Baby, Refine' Is the Energy Industry's -2-

0752 GMT - Oil prices extend the previous session's gains as markets await the outcome of Iran-Oman talks on managing traffic in the Strait of Hormuz while closely monitoring risks in the critical waterway. In early trading, Brent crude rises 0.9% to $83.27 a barrel, while WTI futures are up 0.6% to $77.79 a barrel. Mediators say the main negotiators quickly embraced a proposal to divide traffic into an inbound lane near Iran and an outbound lane near Oman, The Wall Street Journal reported. However, while an agreement would ease a key geopolitical risk, the broader conflict would remain far from settled, according to analysts. "Despite clear signs of progress in recent days, the tenor of the rhetoric and growing distrust between the U.S. and Iran mean things could go from bad to worse once again," according to ING. "There's plenty of risk and uncertainty to this view." (giulia.petroni@wsj.com)

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